Mass Spectrometry Market

Global Mass Spectrometry Market Size (2024 to 2032)

The size of the global mass spectrometry market was worth USD 5.62 billion in 2023. The global market is anticipated to grow at a CAGR of 7.23% from 2024 to 2032 and be worth USD 10.53 billion by 2032 from USD 6.03 billion in 2024. 

MARKET DRIVERS

The growing demand for mass spectrometry from the pharmaceutical and biotechnologies industries majorly drives market growth.

In recent years, several pharmaceutical and biotechnological companies have used mass spectrometry for drug discovery, development and clinical research. The growing demand for innovative drugs is resulting in the increasing demand for mass spectrometry and contributing to market growth. Mass spectrometry helps identify and quantify drug compounds, study drug metabolism and pharmacokinetics and characterize drug impurities and degradation products.Increasing usage of mass spectrometry in genomics and proteomics further fuels the market’s growth rate.

Mass spectrometry plays a notable role in the field of proteomics and genomics. The technique of mass spectrometry is used to analyze DNA, RNA and proteins in genomics. Mass spectrometry is used in proteomics for protein identification and quantification, analysis of protein complexes, and characterization of protein modifications. The fields of genomics and proteomics are predicted to experience promising growth, which is also predicted to result in the usage of mass spectrometry and boost market growth.

The growing number of new technologies of mass spectrometry such as high-resolution mass spectrometry, ion mobility spectrometry, and tandem mass spectrometry accelerates the market growth. In addition, factors such as growing demand for mass spectrometry in clinical diagnostics for disease diagnosis, monitoring, and treatment, growing usage of mass spectrometry in food safety testing to detect and quantify contaminants, such as pesticides, veterinary drugs, and mycotoxins and rising usage of mass spectrometry in environmental testing to detect and quantify pollutants in water, air, and soil, growing demand for mass spectrometry in forensic testing to detect and identify trace amounts of drugs, explosives, and other compounds boosts growth rate of the market during the forecast period.

Furthermore, the increasing usage of mass spectrometry in imaging to visualize the spatial distribution of molecules in tissues and cells, the growing number of R&D activities around mass spectrometry in various industries including pharmaceuticals, biotechnology, and environmental testing, the growing number of initiatives and funding by the governments of various countries to support the R&D of mass spectrometry, rising usage of mass spectrometry in the development of personalized medicine, growing demand for portable and handheld mass spectrometry and increasing awareness regarding the benefits of mass spectrometry promote the growth rate of the market.

MARKET RESTRAINTS

The high costs of mass spectrometry instruments and the scarcity of skilled professionals to operate mass spectrometry technologies and instruments majorly hamper the market growth. In addition, the increasing availability of various analytical tools at lower prices and poor awareness levels regarding the benefits of mass spectrometry in some underdeveloped and developing countries impede the market's growth rate. In addition, poor support from the governments of some countries is limiting the growth rate of the market.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Mass Spectrometry Market Analysis By Technology

Based on the technology, the hybrid mass spectrometry segment accounted for the largest share of the worldwide market in 2023 and is expected to grow at a notable CAGR during the forecast period. Hybrid mass spectrometry is a combination of two or more mass spectrometry technologies. The benefits of hybrid mass spectrometry such as greater accuracy and precision in analysis, capabilities of multiple mass spectrometry technologies such as high sensitivity and selectivity and increasing demand for hybrid mass spectrometry from various applications including pharmaceuticals, biotechnology, environmental analysis, and food testing primarily drive the segmental growth. Furthermore, the growing demand for advanced analytical tools, rapid adoption of technological advancements and growing investments for R&D of hybrid mass spectrometry promote the segment’s growth rate.

On the other hand, the single mass spectrometry segment is projected to grow at the highest CAGR in the global mass spectrometry market during the forecast period. Single mass spectrometry systems are comparatively less costly than hybrid mass spectrometry and are an attractive option to the smaller laboratories that do not have the budget to afford hybrid mass spectrometry, which is one of the major factors driving segmental growth. The growing usage of single mass spectrometry systems in various applications such as environmental testing, food analysis, and clinical research and others is another key factor propelling the segmental growth. Under the sub-segments, the ion trap sub-segment played the leading role in 2023. Technological advancements and the rapid adoption of these techniques in the life sciences have boosted segmental growth.  

Mass Spectrometry Market Analysis By Application

Based on the application, the pharmaceuticals segment held the major share of the global mass spectrometry market in 2023 and is expected to continue dominating the market throughout the forecast period. The growth of the segment is primarily driven by the increasing usage of mass spectrometry in drug discovery, development, and manufacturing. The growing prevalence of chronic diseases is fuelling the need for new and effective drugs. Mass spectrometry plays a vital role in the development of these drugs as it is used to identify potential drug candidates and their modalities. In addition, rising emphasis on personalized medicine and increasing requirements from regulatory bodies such as the FDA and EMA for the approval of drugs further fuel the segment’s growth rate.

Based on the application, the biotech segment is predicted to occupy a substantial share of the global mass spectrometry market during the forecast period. The rising usage of mass spectrometry in genomics, proteomics and other life science technologies and increasing demand for new biologic drugs primarily boost the segmental growth. Furthermore, the increasing adoption of personalized medicine fuel the growth rate of the segment.

REGIONAL ANALYSIS

North America Mass Spectrometry Market was the biggest in the worldwide market in 2023 and is expected to witness a promising CAGR during the forecast period. The growth of the North American is majorly driven by the increasing investments for the R&D activities of mass spectrometry, growing number of initiatives by the governments of North American countries in favour of mass spectrometry and the presence of many international market participants. In addition, the growing demand for high-quality and accurate analytical tools, rising adoption of mass spectrometry in drug discovery and development by the pharmaceutical and biotechnological companies of North America and strict regulations in pharmaceutical and biotech industries requiring advanced analytical tools promote the growth rate of the North American market. In 2023, the U.S. Mass Spectrometry Market held the largest share of the North American market, followed by Canada.

Europe's Mass Spectrometry Market occupied a substantial share of the global market in 2023 and is expected to rise at a notable CAGR during the forecast period. Factors such as the growing demand for mass spectrometry-based tools in pharmaceuticals, biotech, and environmental testing applications, increasing investments in research and development activities and the rising emphasis on drug discovery and development boost the growth rate of the European mass spectrometry market. Furthermore, the growing demand for advanced analytical tools in environmental testing and food safety applications and rising adoption of mass spectrometry in proteomics and metabolomics research drive the mass spectrometry market growth in Europe. Germany, France and the UK are predicted to capture the largest share of the European market during the forecast period.

APAC Mass Spectrometry Market is a lucrative regional market for mass spectrometry worldwide and is estimated to register the fastest CAGR during the forecast period. The growth of the APAC market is majorly driven by the growing aging population, increasing need to develop new drugs, growing patient population suffering from chronic diseases fuel the growth rate of the APAC market. Rapidly growing pharmaceutical and biotech industries, increasing demand for advanced analytical tools in environmental and food testing applications and growing adoption of mass spectrometry in emerging economies such as China and India further hike the regional market growth. Furthermore, growing demand for personalized medicine and rising investments for the R&D of mass spectrometry by the governments of APAC countries favour the growth rate of the APAC market. India and China are expected to hold the leading share of the APAC market during the forecast period.

Latin America Mass Spectrometry Market accounted for a considerable share of the worldwide market in 2023 and is expected to register a healthy CAGR during the forecast period. The growing demand for food safety testing and increasing awareness about the importance of environmental monitoring majorly boost the growth of Latin American market. Mexico and Brazil are projected to occupy the major share of the Latin American market during the forecast period.

MEA Mass Spectrometry Market is predicted to witness a steady CAGR and hold a moderate share of the global market during the forecast period.

KEY PLAYERS IN THE MASS SPECTROMETRY MARKET

Companies such as Thermo Fisher Scientific, Sciex, Agilent Technologies, Waters Corporation, Shimadzu Corporation, Bruker, PerkinElmer, Jeol, Flir Systems, MKS Instruments, Analytik Jena, Hiden Analytical, Dani Instruments, Rigaku, Leco, Kore Technology, Extrel CMS, Masstech, Ametek Process Instruments, and Advion are some of the notable companies operating in the global mass spectroscopy market.

RECENT HAPPENINGS IN THE MARKET

• In December 2021, Thermo Fisher Scientific finished the acquisition of PPD. With this acquisition, the mass spectrometry solutions of Thermo Fisher Scientific gets better with the inclusion of expertise of PPD, which is drug discovery and clinical trial management.

• In September 2020, Bruker Corporation announced the acquisition of Canopy Biosciences. LLC, which is a provider of gene editing and gene expression analysis technologies.

• In April 2019, Agilent Technologies announced the new Agilent 6546 quadrupole time-of-flight LC/MS system, which is highly accurate in generating high-resolution data.
• In 2018, Pegasus® BT GC-TOFMS was introduced by Leco Corporation. It is an efficient device to provide data in a single sample run and is also low in cost. This product launch has increased the company’s position in the market.

DETAILED SEGMENTATION OF THE GLOBAL MASS SPECTROMETRY MARKET INCLUDED IN THIS REPORT

This market research report on the global mass spectrometry market has been segmented based on the technology, application, and region.

By Technology

• Hybrid mass Spectrometry

  • Triple Quadrupole (Tandem)

  • Quadrupole TOF (Q-TOF)
  • FTMS (Fourier Transform Mass Spectrometry)
• Single Mass Spectrometry
  • Ion Trap
  • Quadrupole
  • Time-Of-Flight (TOF)
• Other Mass Spectrometry

By Application

• Pharmaceutical Applications
• Biotech Applications
• Petrochemical Applications
• Environmental Testing
• Food & Beverage Testing
• Other Applications

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa